The Collin County First-Time Buyer's Guide
Every step of buying your first home in Collin County, explained before you get to it.
Who this guide is for
This Collin County first-time buyer's guide is for you if you're buying your first home and have more questions than you've asked out loud. What can we really afford? What's an option fee? What happens if the inspection finds something? There's no such thing as a dumb question here. This guide walks through every step in order, the way it works in Texas.
Buying in Collin County, step by step
1. Get pre-approved. A lender tells you what you can borrow, and sellers take your offer seriously. Then decide what you want to spend each month, including taxes and HOA dues. That's not always the same number.
2. Sign the paperwork. Before your agent shows you homes, you'll sign a Buyers Representation Document and the state-required disclosures, including the Texas Real Estate Commission's Information About Brokerage Services.
3. Pick the towns that fit. In Collin County, newer homes at lower prices are often further out, in towns like Princeton, Anna and Melissa. Closer in, you trade newness for a shorter drive.
4. Make an offer. With it comes earnest money, typically about 1% of the price, and an option fee, usually around $150 to $200 for a typical single-family home. Both are held by the title company.
5. The option period. After acceptance, you have the option period, usually 7 to 10 days. The inspection typically happens in the first 4 days, and repairs are negotiated before it ends.
6. Loan approval, appraisal and closing. The lender finishes approval and orders the appraisal. You do a final walkthrough the day before or the morning of closing, then sign at the title company and get your keys.
Mistakes to avoid
- Touring before you're pre-approved. You'll fall for a home you can't write an offer on.
- Looking only at the price. Taxes, HOA dues and MUD taxes in some newer communities can change the monthly payment a lot.
- Walking into a model home alone. The builder's sales agent works for the builder. Registering on your own first can make it harder to bring your own agent in later.
- Skipping the commute test. Drive it at rush hour before you buy.
- Assuming the school district. Some addresses fall in a different district than the city name suggests. Check the exact address.
How I help, and your next step
I'm Terri Egstad with Pinnacle Realty Advisors, and I've helped buyers across Collin County for more than 20 years. I explain every step before you get to it, negotiate for you, and I'm by your side at closing. The full version is on how I help you buy and first-time buyers.
Your next step: get in touch or call (469) 693-3839, and ask me anything. You can also go back to my home page.
Frequently Asked Questions
How much earnest money do I need in Collin County?
Typically about 1% of the sales price, held by the title company.
What is the option period?
The days right after your offer is accepted, usually 7 to 10, when the inspection happens and repairs are negotiated.
Where do first-time buyers look in Collin County?
Often Princeton, Anna and Melissa for newer homes at lower prices.
Keep exploring
Ready to make your move with Terri Egstad Real Estate?